NASDAQ 100 has been the strongest among major US indices lately, closing at new record highs day after day, without any sign of weakness or price consolidation. A correction down to the 10-day MA at 4.250 or to the 20-day MA at 4.210 may take place as the market conditions are very “overbought” in all time frames. In case of a bigger correction, 4.118, which is the September 19 intraday high can provide nice support. If this level is broken, we may see the start of a bigger move down, maybe down to 4.000. Even though the index is overextended, it is not advisable to trade it from the short side at this point.
NASDAQ 100, daily chart: